DAILY COMMODITY MARKET STRATEGY- 2 May 2016

The MCX Gold and Silver near month future rates in India are trading on a cautious note, mirroring NYMEX bullion markets.

The shiny yellow metal started the day slight higher by Rs 34 at Rs 30,300 per 10 grams.

The commodity has touched and intra-day high at Rs 30,360 and a low at Rs 30,264.

Now, MCX Gold June future rates are trading at Rs 30,306 per 10 grams.

The counter has seen trades of around 2,050-odd contracts, while the open interest has added 400-odd lots at 10,035 lots.

In the international market, the NYMEX Gold June futures are up 0.4 percent at $ 1,295.20 an ounce.

Meanwhile, July Silver future prices are trading at Rs 42,335 per kg - up Rs 37.

So far, the white metal has moved in a range of Rs 190 at Rs 42,462 from Rs 42,272.

Crude Oil May futures lost in the last day after showing a splurge in the last week. The last few weeks have been buying sessions for Crude Oil.

The prices have now reached breakout stage and the metal is expected to move higher if it manages to breach Rs 3,070 per barrel. Last week commodity tested those levels and there is high probability that in this week this level can be taken out of equation.

As stated, Crude May fuures are slowly moving close to its upper cap of 3,090 levels. The last time Crude was near to those levels was in October 2015. Breaking this level would mean strong buying for Crude Oil towards Rs 3,300 per barrel.

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